Real Estate Market Index Report for Sunland, Tujunga, Shadow Hills CA May 2009

Real Estate Market Report

Sunland - Tujunga - Shadow Hills May, 2009

Market Index

A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.

The Market Index jumped up to 0.46 from last months 0.39. Last year it was 0.23.

New Listings - 43 new listings hit the market, compared to 34 last month. We had 40 new listings last year.

Pending Listings - 41 opened escrow up from last months 29. Last year we had 20 listings change to Pending status.

Pending Ratio -0.95, up from 0.83 last month, last year the ratio was 0.50.

Listing Inventory - 157 properties on the market, up from last months 123, compared to 182 last year. There are fewer properties available for sale than last year.

Units Sold - 31 homes closed, down from last month's 38 homes, versus 21 last year.

Days On Market - 125 this month, 104 last month, versus 77 last year

The Absorption rate is 5.1, last month it was 4.6. Last year the rate was 8.7 months.

Average Sale Price -$369,114 up slightly from last month's $364,774, and a 9.2% drop from last year.

Price Per Square Foot -$218.50, down from last month's $237,95, down 22.7% to last year.

Conclusions

The Absorption Rate (if home sales continued at the present rate, the number of months it would take to consume the current listing inventory) continues to drop. Unit sales are strong, so demand is slowly outpacing inventory. Values have some more room to fall.

For buyers - this may be the bottom of the market, or close to it. Timing any market can be difficult and this one is no exception.

For sellers - preparing your home for sale is the key to getting the best price.

For a consultation or questions feel free to call

Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change